Thai Beverage Complicates Heineken Bid

SINGAPORE—Thai Beverage PCL again lifted its stake in Singapore's Fraser & Neave Ltd., complicating Heineken NV's attempt to acquire a beer business it runs with the Singapore company.

Thai Beverage now controls 29% of Fraser & Neave, having bought 2.6% of the company for about 316.1 million Singapore dollars (US$252.4 million) over the past two weeks, the Thai brewer said Tuesday in a regulatory filing. The latest purchases put Thai Beverage's stake in Fraser & Neave at one percentage point short of the...